Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 66%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$16.00

Daily $ Change

-$0.05

Daily % Change

-0.31%

as of 10/22/2019

CUSIP

302027644

Inception Date

08/03/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Applications & Forms

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Performance

As of 09/30/2019

YTD

13.39%

1 Year

6.88%

3 Year

6.32%

5 Year

4.33%

10 Year

7.28%

Inception
(01/01/2000)

6.67%

US Stock Market Cycle (04/01/2000 - 09/30/2019)

6.81%

Performance through the inception date of the Retirement Target CIT Class I Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.70%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 09/30/2019

GOVERNMENT AGENCY 11.16%
TREASURY BONDS 8.61%
TREASURY NOTES 6.09%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.36%
MEDTRONIC INC 1.55%
TSY INFL IX N/B 0.50000 04/15/2024 1.39%
NOVARTIS AG- REG 1.38%
MASTERCARD INC-CLASS A 1.37%
MICROSOFT CORP 1.34%
JOHNSON & JOHNSON 1.30%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2019

Bonds 56.24%
Stocks 42.25%
Cash 1.51%

Detailed Asset Class Allocation

As of 09/30/2019

International Equities 17.22%
Small Capitalization 0.34%
Mid Capitalization 0.76%
Large Capitalization 23.93%
Long Term Fixed Income 20.87%
Intermediate Term Fixed Income 27.55%
Short Term Fixed Income 7.82%
Cash 1.51%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

September Fund Holdings

As of 09/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 5,837.08 $6,216.49
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 318,203.5 $346,209.86
00287Y109 ABBVIE INC US ABBV 122.14 $9,248.58
004239109 ACADIA REALTY TRUST US AKR 199.69 $5,707.19
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 6,566.71 $6,122.15
00507V109 ACTIVISION INC US ATVI 8,665.91 $458,600.07
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 314,218.5 $334,953.59
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 6,566.71 $6,665.21
008492100 AGREE REALTY CORP US ADC 125.63 $9,189.70
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 323,213.6 $333,253.51
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 6,566.71 $6,752.88
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 45.3 $6,978.45
01609W102 ALIBABA GROUP - ADR CN BABA 138.25 $23,119.67
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 251,862.71 $262,140.46
020002101 ALLSTATE CORPORATION US ALL 29.69 $3,227.05
02079K107 ALPHABET INC-CL C US GOOG 331.82 $404,491.90
02079K305 ALPHABET INC-CL A US GOOGL 331.4 $404,683.40
023135106 AMAZON.COM INC US AMZN 297.92 $517,166.99
02319V103 AMBEV SA-ADR BR ABEV 31,182.38 $144,062.59
0237400 DIAGEO PLC GB DGE LN 7,158.65 $292,431.66
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 80,695.71 $80,695.71
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 2,918.54 $2,834.63
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 325.33 $15,641.91
0263494 BAE SYSTEMS PLC GB BA/ LN 2,977.95 $20,855.36
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,236.68 $32,017.65
0287580 BRITISH AMERICAN TOBACCO PLC GB BATS LN 560.41 $20,695.89
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 16,051.97 $16,252.71
03027X100 AMERICAN TOWER REIT INC US AMT 1,159.15 $256,322.68
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 313,369.12 $334,460.57
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 7,360.54 $7,433.32
03064D108 AMERICOLD REALTY TRUST US COLD 605.17 $22,433.80
031162100 AMGEN INC US AMGN 55.31 $10,703.26
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 6,261.77 $5,220.75
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 6,566.71 $5,450.37
03748R754 APARTMENT INVT & MGMT CO -A US AIV 476.59 $24,849.30
038222105 APPLIED MATERIALS INC US AMAT 75.92 $3,788.28
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 56.31 $2,312.60
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,125.98 $4,270.39
0405207 HALMA PLC GB HLMA LN 415.48 $10,056.86
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 6,566.71 $6,550.30
0490656 KERRY GROUP PLC-A IE KYGA LN 168.71 $19,731.00
05278C107 AUTOHOME INC-ADR CN ATHM 181.74 $15,107.63
053484101 AVALONBAY COMMUNITIES INC US AVB 186.62 $40,185.68
054937107 BB&T CORP US BBT 62.55 $3,338.23
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 339,749.81 $349,482.01
05722G100 BAKER HUGHES A GE CO US BHGE 100.98 $2,342.64
060505104 BANK OF AMERICA CORP US BAC 410.59 $11,977.03
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 498,083.04 $528,881.90
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,310.34 $688,617.63
086516101 BEST BUY INC US BBY 40.65 $2,804.65
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,226.4 $217,459.12
0922320 SMITH & NEPHEW PLC GB SN/ LN 822.73 $19,812.81
09247X101 BLACKROCK INC US BLK 298.04 $132,819.63
0946580 WEIR GROUP PLC/THE GB WEIR LN 933.18 $16,347.08
097023105 BOEING CO US BA 36.85 $14,018.71
09857L108 BOOKING HOLDINGS INC US BKNG 139.82 $274,409.23
101121101 BOSTON PROPERTIES INC US BXP 209.43 $27,154.38
105368203 BRANDYWINE REALTY TRUST US BDN 1,581.59 $23,961.11
110122108 BRISTOL MYERS SQUIBB CO US BMY 140.75 $7,137.59
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 226.22 $8,347.59
11135F101 BROADCOM INC US AVGO 28.55 $7,881.70
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 6,566.71 $4,908.62
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 6,566.71 $6,207.51
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 2,918.54 $3,020.69
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,228.28 $256,051.70
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 5,837.08 $5,997.60
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 26.12 $2,214.18
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 67,644.77 $69,350.14
12572Q105 CME GROUP INC US CME 1,240.04 $262,070.34
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 305,774.83 $323,655.84
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 161,381.16 $174,314.13
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 169,874.91 $178,327.05
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 119,064.53 $117,702.66
126650100 CVS HEALTH CORP US CVS 117.22 $7,392.76
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 5,837.08 $6,004.89
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 9,180.3 $9,180.30
133131102 CAMDEN PROPERTY TRUST US CPT 191 $21,203.08
13321L108 CAMECO CORP CA CCJ 1,341.84 $12,747.52
149123101 CATERPILLAR INC US CAT 47.81 $6,038.33
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 2,331.91 $2,329.97
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 108,431.81 $108,921.49
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 5,837.08 $5,917.92
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 104,792.96 $104,760.80
166764100 CHEVRON CORP US CVX 98.31 $11,659.81
17275R102 CISCO SYSTEMS INC US CSCO 285.67 $14,114.78
172967424 CITIGROUP INC US C 117.57 $8,121.60
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 149,998.11 $245,920.82
191216100 COCA COLA CO/THE US KO 10,070.18 $548,220.85
192422103 COGNEX CORP US CGNX 2,780.26 $136,594.08
194162103 COLGATE-PALMOLIVE CO US CL 82.72 $6,080.55
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 657.46 $20,147.86
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 354.7 $15,801.95
205887102 CONAGRA BRAND INC. US CAG 60.87 $1,867.47
222795502 COUSINS PROPERTIES INC US CUZ 991.11 $37,255.76
22546QAD9 CREDIT SUISSE AG 5.40000 01/14/2020 CH 345,412.72 $348,468.12
22822V101 CROWN CASTLE INTL CORP US CCI 138.76 $19,289.24
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 80,910.53 $78,603.73
229663109 CUBESMART US CUBE 170.27 $5,942.31
231021106 CUMMINS INC US CMI 21.54 $3,504.39
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 815.02 $8,944.73
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 523.51 $4,398.00
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 3,118.94 $9,938.70
2521800 LOBLAW COMPANIES LTD CA L CN 355.68 $20,258.81
253868103 DIGITAL REALTY TRUST INC US DLR 158.71 $20,602.45
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 297,687.57 $325,506.78
25787GAC4 DONNELLEY FINANCIAL SOL 8.25000 10/15/2024 US 6,566.71 $6,812.96
25960P109 DOUGLAS EMMETT INC US DEI 419.58 $17,970.82
260557103 DOW INC US DOW 65.07 $3,100.42
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 12,403.79 $12,899.94
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 45,847.25 $45,879.35
269246401 ETRADE FINANCIAL CORP US ETFC 2,948.67 $128,827.18
2715777 QUEBECOR INC -CL B CA QBR/B CN 6,441.54 $146,251.70
277432100 EASTMAN CHEM CO US EMN 24.97 $1,843.78
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 7,435.89 $146,096.69
285512109 ELECTRONIC ARTS US EA 4,160.52 $406,982.10
2866857 LUNDIN MINING CORP CA LUN CN 889.14 $4,181.11
291011104 EMERSON ELEC CO US EMR 71.64 $4,789.55
29273RAR0 ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 205,427.96 $246,406.99
29444U700 EQUINIX INC US EQIX 753.98 $434,895.51
2945422 WEG SA BR WEGE3 BZ 671.49 $3,927.16
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 127.58 $17,044.36
29476L107 EQUITY RESIDENTIAL US EQR 361.57 $31,189.31
29670E107 ESSENTIAL PROPERTIES REALTY US EPRT 617.53 $14,147.54
297178105 ESSEX PROPERTY TRUST INC US ESS 91.34 $29,834.67
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 584,625.32 $587,748.41
30225T102 EXTRA SPACE STORAGE INC US EXR 89.15 $10,414.08
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 2,549.06 $2,543.96
30261UAJ3 FREMF 2013-K713 B 3.26097 04/25/2046 US 101,924.94 $102,179.81
30286XAN9 FREMF 2015-K43 B FLT 3.86160 02/25/2048 US 323,434.1 $340,715.87
30291EAE4 FREMF 2013-K712 B FLT 3.40062 05/25/2045 US 139,668.61 $139,521.78
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 17,351,187.14 $47,738.32
30291XAE2 FREMF 2014-K715 B FLT 4.11215 02/25/2046 US 106,731.63 $108,776.26
30303M102 FACEBOOK INC -A US FB 2,873.94 $511,791.37
30744W107 FARFETCH LTD - CLASS A GB FTCH 214.85 $1,856.33
311900104 FASTENAL CO US FAST 80.93 $2,643.96
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 3,536.89 $4,069.10
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 14,877.33 $16,799.75
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 7,738.63 $8,732.64
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 27,096.18 $30,596.59
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 9,074.34 $10,234.49
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 7,309.05 $8,310.67
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 16,237.74 $18,226.60
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 18,727.03 $21,135.32
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 7,368.41 $8,318.21
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 22,646.38 $26,079.53
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,085.94 $1,123.75
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 2,025.79 $2,074.78
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 1,388.99 $1,426.42
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 1,207.47 $1,249.33
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 2,026.1 $2,091.81
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 230,373.04 $244,554.12
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 32,142.52 $36,274.86
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 49,005.8 $52,756.33
3131XVYW9 FEDERAL NATL MTG ASSN FR ZM2525 3.00000 12/01/2046 US 183,198.05 $187,434.14
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 29,356.66 $31,228.17
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 43,142.31 $46,333.70
3132VLY43 FHLM POOL FG Q60730 4.00000 01/01/2049 US 149,480.51 $155,547.30
3132Y33P7 FHLM POOL FG Q59805 4.50000 11/01/2048 US 152,547.12 $161,210.78
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 214,992.98 $231,654.15
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 48,162.65 $50,433.50
31335CCY8 FHLM POOL FG G61887 MTGE 5.00000 02/01/2049 US 92,091.11 $98,718.52
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 198.57 $199.04
3133G6L60 FEDERAL NATL MTG ASSN FR QN0349 3.00000 08/01/2034 US 195,346.41 $199,747.90
3136AY6W8 FNA 2017-M15 A1 3.05802 09/25/2027 US 207,651.63 $217,469.79
3136B1YD0 FNR 2018-31 KP 3.50000 07/25/2047 US 136,267.61 $143,244.66
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 37,045.8 $41,800.72
313747206 FEDERAL RLTY INVT TR SH BEN INT US FRT 44.57 $6,068.19
3137A2B34 FHMS K009 X1 FLT 1.42667 08/25/2020 US 1,733,098.87 $14,455.60
3137ADTK3 FHMS K014 X1 FLT 1.32351 04/25/2021 US 760,423.95 $11,356.25
3137AJMG6 FMHS K016 X1 FLT 1.63454 10/25/2021 US 562,072.69 $14,613.55
3137AME78 FHMS K017 X1 FLT 1.44538 12/25/2021 US 1,654,076.87 $38,329.10
3137AUPF0 FHMS K021 x1 FLT 1.56289 06/25/2022 US 2,020,205.13 $67,346.97
3137B3NB0 FHMS K030 X1 FLT 0.30017 04/25/2023 US 6,633,168 $41,424.80
3137B4GZ3 FHMS K032 X1 FLT 0.21238 05/25/2023 US 4,259,902.6 $17,275.61
3137F4YU0 FHR 4791 BA MTGE 4.00000 03/15/2044 US 149,735.43 $152,617.34
3137FG2L8 FHR 4801 BA MTGE 4.50000 05/15/2044 US 134,187.82 $137,146.56
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 29,144.58 $31,579.87
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 15,901.45 $17,230.59
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 82,727.4 $89,395.14
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 138,337.87 $149,860.25
3138ERN30 FEDERAL NATL MTG ASSN FN AL9409 3.50000 11/01/2031 US 157,359.17 $163,302.26
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.64300 01/01/2049 US 341,143.94 $383,578.76
3138WDAY7 FEDERAL NATL MTG ASSN FN AS3622 3.50000 10/01/2044 US 252,448.69 $265,158.16
3138WGK37 FEDERAL NATL MTG ASSN FN AS6613 4.00000 02/01/2046 US 400,489.02 $421,944.73
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 71,042.6 $80,333.40
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 16,832.89 $19,037.38
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 44,537.35 $46,747.54
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 180,029.86 $187,545.04
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 53,543.48 $55,708.00
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 116,872.03 $122,984.41
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 136,586.73 $143,413.19
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 89,176.59 $93,620.70
3140HPUY1 FEDERAL NATL MTG ASSN FN BK9598 4.50000 08/01/2048 US 39,525.29 $41,760.64
3140JGVQ5 FEDERAL NATL MTG ASSN FN BN0622 4.50000 01/01/2049 US 186,099.42 $196,486.17
3140Q84E2 FEDERAL NATL MTG ASSN FN CA1720 5.00000 05/01/2048 US 134,196.97 $144,256.55
3140Q9D42 FEDERAL NATL MTG ASSN FN CA1922 5.00000 06/01/2048 US 55,369.87 $59,495.34
3140Q9PD9 FEDERAL NATL MTG ASSN FN CA2219 5.00000 08/01/2048 US 263,714.81 $283,364.02
3140Q9T78 FEDERAL NATL MTG ASSN FN CA2373 5.00000 09/01/2048 US 66,526.9 $71,514.29
3140X4JC1 FEDERAL NATL MTG ASSN FM1158 3.50000 06/01/2034 US 306,589.94 $317,162.96
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 1,438.26 $1,469.18
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 1,624.01 $1,661.35
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 10,146.42 $10,290.13
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 12,265.46 $12,427.40
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 31,022.68 $34,993.74
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 23,410.23 $26,945.37
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 22,813.13 $25,697.76
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 13,930.72 $15,674.80
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 302.86 $305.81
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 6,919.13 $7,023.33
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437076102 HOME DEPOT INC US HD 72.05 $16,716.88
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45866F104 INTERCONTINENTALEXCHANGE INC US ICE 2,880.3 $265,764.95
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476405105 JERNIGAN CAPITAL INC US JCAP 689.61 $13,274.94
478160104 JOHNSON & JOHNSON US JNJ 6,156.14 $796,481.84
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615369105 MOODY'S CORPORATION US MCO 1,258.99 $257,878.82
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637870106 NATIONAL STORAGE AFFILIATES US NSA 308.36 $10,290.11
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64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 208,043 $214,965.46
6490995 KEYENCE CORP JP 6861 JP 55.5 $34,544.46
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680665AL0 OLIN CORP 5.62500 08/01/2029 US 6,566.71 $6,831.35
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681936100 OMEGA HEALTHCARE INVS INC US OHI 294.62 $12,312.20
6821120 SONIC HEALTHCARE LTD AU SHL AU 994.49 $18,856.57
6821506 SONY CORP FIRST SECTION JP 6758 JP 313.85 $18,551.39
6895200 TOHO CO LTD JP 9602 JP 468.28 $20,554.87
6919519 UNIVERSAL ROBINA CORP PH URC PM 2,162 $6,506.01
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7103065 NOVARTIS AG-REG CH NOVN SW 242.98 $21,087.62
7103526 PEUGEOT SA FR UG FP 120.25 $3,001.28
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 106.99 $31,150.24
7110902 TECAN GROUP AG-REG CH TECN SW 20.68 $4,943.08
7123870 NESTLE SA-REGISTERED CH NESN SW 5,374.46 $582,884.66
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713448108 PEPSICO INC US PEP 3,986.41 $546,536.90
7145056 ENI SPA IT ENI IM 1,355.04 $20,711.56
717081103 PFIZER INC US PFE 400.22 $14,379.83
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7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 107.05 $4,195.61
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 469,443.79 $501,930.62
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74460D109 PUBLIC STORAGE INC US PSA 117.36 $28,785.54
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750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 13,133.43 $13,297.59
756109104 REALTY INCOME CORP US O 94.56 $7,250.77
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773903109 ROCKWELL AUTOMATION INC US ROK 12.6 $2,076.82
7742468 GECINA SA FR GFC FP 56.56 $8,887.44
7792559 HEINEKEN NV NL HEIA NA 185.21 $20,004.92
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 526.71 $31,550.14
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 128.42 $8,524.33
78409V104 S&P GLOBAL INC US SPGI 1,040.05 $254,792.49
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,009.04 $243,329.80
78442PGC4 SLM CORP 5.12500 04/05/2022 US 12,828.48 $13,149.19
78463V107 SPDR GOLD SHARES US 603.38 $83,792.03
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 150,310.6 $151,410.02
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 407,566.97 $466,989.77
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 311,909.85 $334,619.85
806857108 SCHLUMBERGER LTD NL SLB 6,331.07 $216,332.69
808513105 CHARLES SCHWAB CORP/THE US SCHW 6,479.71 $271,046.43
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812578102 SEATTLE GENETICS INC US SGEN 2,258.58 $192,882.48
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 71,308.38 $71,949.02
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 99,992.76 $100,891.09
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 78,293.62 $75,427.58
81762P102 SERVICENOW INC US NOW 1,947.86 $494,464.55
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 6,566.71 $5,581.71
828806109 SIMON PROPERTY GROUP INC US SPG 273.16 $42,516.81
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 18.38 $2,022.21
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 16,549.56 $16,527.60
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 32,833.57 $33,306.73
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 13,109.68 $13,161.66
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 26,972.46 $27,015.32
835699307 SONY CORP SPONSORED ADR JP SNE 9,355.2 $553,173.09
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 360,653.25 $365,513.04
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 6,566.71 $5,778.58
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 14,287.75 $14,747.96
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 5,837.08 $6,228.75
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 5,837.08 $6,291.20
85254J102 STAG INDUSTRIAL INC US STAG 368.87 $10,874.28
855030AN2 STAPLES INC 7.50000 04/15/2026 US 10,214.89 $10,524.40
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.24750 11/15/2027 US 209,562.61 $209,287.89
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 12,403.79 $12,744.90
862121100 STORE CAPITAL CORP US STOR 192.04 $7,184.07
866674104 SUN COMMUNITIES US SUI 167.04 $24,797.58
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 2,918.54 $2,597.50
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 514.14 $7,064.33
867914103 SUNTRUST BANKS INC US STI 48.45 $3,333.38
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 176,241.35 $176,769.51
871829107 SYSCO CORP US SYY 60.32 $4,789.63
874080104 TAL EDUCATION GROUP - ADR CN TAL 461.62 $15,805.90
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 49,278.93 $49,210.46
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 8,025.98 $6,781.96
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 234,721.9 $251,154.18
882508104 TEXAS INSTRUMENTS INC US TXN 77.21 $9,978.22
88579Y101 3M CO US MMM 53.96 $8,871.15
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 266,348.31 $266,075.49
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 154,293.71 $155,701.70
89177EAA7 TPMT 2019-HY1 A1 3.01838 10/25/2048 US 139,690.4 $140,248.55
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 6,261.77 $6,246.11
89417E109 TRAVELLERS COS INC US TRV 22.04 $3,277.38
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 298,734.94 $298,281.28
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 123,150.18 $124,882.86
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 13,133.43 $12,739.42
902494103 TYSON FOODS INC -CL A US TSN 34.56 $2,976.90
902653104 UDR INC US UDR 328.25 $15,913.54
902973304 U.S. BANCORP US USB 140.25 $7,761.68
903002103 UMH PROPERTIES INC US UMH 422.12 $5,943.47
904767704 UNILEVER PLC - ADR GB UL 8,170.56 $491,050.90
907818108 UNION PAC CORP US UNP 57.1 $9,248.95
911312106 UNITED PARCEL SERVICE US UPS 82.92 $9,935.98
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 772,551.37 $761,597.32
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 896,048.87 $1,292,515.50
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 928,237.74 $1,330,244.45
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 331,003.05 $347,927.67
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,250,976.63 $1,346,070.40
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 1,097,038 $1,299,947.18
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 841,974.2 $852,051.59
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 360,559.49 $373,995.96
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,460,030.04 $1,447,482.91
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 124,723.54 $127,490.84
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,236,920.5 $1,237,500.31
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 755,093.96 $759,488.84
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 479,987.4 $499,749.39
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 710,671.67 $730,770.35
913017109 UNITED TECHNOLOGIES CORP US UTX 65.98 $9,007.47
91704F104 URBAN EDGE PROPERTIES US UE 770.33 $15,244.89
918204108 VF CORP US VFC 45.58 $4,056.14
91913Y100 VALERO ENERGY US VLO 48.51 $4,135.10
92189F106 MARKET VECTORS GOLD MINERS US 1,589.1 $42,444.95
92276F100 VENTAS INC US VTR 430.1 $31,410.54
92339V100 VEREIT INC US VER 2,072.2 $20,266.13
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 373,416.26 $492,841.68
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 951.87 $161,265.10
92553P201 VIACOM INC CL B US VIAB 65.63 $1,577.00
92826C839 VISA INC - CLASS A SHARES US V 4,513.35 $776,341.93
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 10,214.89 $9,908.44
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 46,533.81 $46,936.08
929042109 VORNADO REALTY TRUST US VNO 112.68 $7,174.33
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 3,343.23 $3,191.51
93065PAA9 WBHT 2019-WBM A FLT 3.07750 12/15/2033 US 157,982.73 $157,987.04
931142103 WAL MART STORES US WMT 168.31 $19,974.47
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 91.18 $5,043.35
94106L109 WASTE MANAGEMENT INC US WM 46.22 $5,315.80
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 13,133.43 $13,166.26
948741103 WEINGARTEN REALTY INVESTORS US WRI 494.99 $14,419.00
949746101 WELLS FARGO COMPANY US WFC 302.7 $15,268.01
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 36,593.7 $37,085.31
95040Q104 WELLTOWER INC. US WELL 270.66 $24,535.57
958102105 WESTERN DIGITAL CORP US WDC 43.09 $2,569.64
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 240,798.45 $248,717.61
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 75,160.86 $75,380.49
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 97,091.58 $98,737.57
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 13,863.06 $13,031.28
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 2,547.21 $20,819.32
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 1,289.39 $14,819.94
B02J639 ADMIRAL GROUP PLC GB ADM LN 505.37 $13,141.78
B02L486 MOWI ASA NO MOWI NO 795.67 $18,377.71
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 2,840.37 $23,974.26
B037JC2 NEXITY FR NXI FP 63.62 $3,028.49
B058TZ6 SAFRAN SA FR SAF FP 68 $10,706.37
B068DB9 SM INVESTMENTS CORP PH SM PM 478.48 $8,966.38
B07DRZ5 RECORDATI SPA IT REC IM 441.38 $18,930.24
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 322.35 $3,526.87
B0C2CQ3 ENGIE FR ENGI FP 396.25 $6,467.67
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 457.39 $5,544.85
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 1,099.69 $14,345.78
B11ZRK9 LEGRAND SA FR LR FP 56.87 $4,056.83
B13X013 EIFFAGE FR FGR FP 58.87 $6,103.00
B15C557 TOTAL SA FR FP FP 395.28 $20,581.03
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,327.73 $19,968.00
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,453.62 $8,649.97
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 222.18 $10,702.48
B1XH026 VINCI SA FR DG FP 176.62 $19,025.03
B1Y47Y7 GERRESHEIMER AG DE GXI GR 107.97 $7,741.11
B1Y9TB3 DANONE FR BN FP 489.64 $43,128.52
B1YXBJ7 AIR LIQUIDE FR AI FP 85.15 $12,118.62
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 8,611.52 $6,367.60
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 844.84 $6,027.20
B3NB1P2 SUNCOR ENERGY INC CA SU CN 540.38 $17,045.32
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 343.04 $4,532.65
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 318,308.62 $16,074.31
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 62,901.92 $48,999.26
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 407.51 $3,623.01
B4JSTL6 WYNN MACAU LTD MO 1128 HK 6,452.21 $12,573.24
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 528,817.28 $26,655.51
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 5,878.08 $9,152.25
B4R2R50 JULIUS BAER CH BAER SW 258.1 $11,431.38
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 357.63 $3,912.92
B5B23W2 SANDS CHINA LTD MO 1928 HK 3,026.6 $13,676.22
B5VJH76 BDO UNIBANK INC PH BDO PM 3,223.82 $8,894.26
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 742,918.12 $37,928.96
B63QM77 NEXON CO LTD JP 3659 JP 45,643.23 $554,573.24
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 176,421.71 $9,472.10
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,513.17 $2,646.25
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 164.22 $3,788.85
B92RW83 LT GROUP INC PH LTG PM 10,487.69 $2,820.73
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 586.33 $4,964.43
BB22L96 KION GROUP AG DE KGX GR 199.31 $10,481.64
BBG00ND15VD4 SNE US 10/18/19 P55 JP -31.58 -$157.90
BBG00Q0BJS32 CME US 10/18/19 P190 US -9.06 -$317.20
BBG00Q4JGRN4 MU US 10/11/2019 P43.5 US -40 -$6,239.60
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 217.54 $3,063.81
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 802.58 $9,683.19
BD4TZK8 OCI NV NL OCI NA 164.54 $3,880.77
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 1,475.77 $16,404.53
BD9Y9B7 BASIC-FIT NV NL BFIT NA 471.94 $14,784.57
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 629.14 $18,357.18
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 1,996.52 $3,043.12
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 1,108.18 $11,687.41
BG7ZWY7 AMBEV SA BR ABEV3 BZ 2,884.15 $13,327.64
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,227.43 $9,977.80
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 5,568.6 $10,914.85
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 9,938.37 $8,781.76
BJ2KSG2 AKZO NOBEL NL AKZA NA 273.35 $24,356.31
BJT1GR5 ALCON INC CH ALC SW 170.92 $9,969.79
BMJ6DW5 INFORMA PLC GB INF LN 1,883.79 $19,728.71
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 13,965.48 $584,146.82
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,871.25 $8,725.02
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,561.71 $16,523.00
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 15,814.89 $489,434.24
BSQXJ01 THULE GROUP AB/THE SE THULE SS 995.22 $18,836.39
BVSS790 ELIS SA FR ELIS FP 333.62 $5,896.43
BYXS699 QIAGEN N.V. NL QIA GR 347.86 $11,392.02
BYXZ2W5 RUMO SA BR RAIL3 BZ 829.61 $4,903.86
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 5,990.95 $570,218.09
BYZFYS3 SPIE SA FR SPIE FP 168.23 $3,366.35
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,399.56 $11,818.31
BYZR014 AMUNDI SA FR AMUN FP 133.45 $9,295.77
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 296.81 $8,797.54
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 359.82 $19,952.13
G29183103 EATON CORP PLC US ETN 52.53 $4,367.49
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 5,837.08 $6,041.38
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 663.44 $10,077.65
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 98.4 $4,318.64
G5960L103 MEDTRONIC INC IE MDT 8,718.47 $947,000.36
G97822103 PERRIGO CO PLC IE PRGO 242.63 $13,560.77
H01301128 ALCON INC CH ALC 4,562.68 $265,958.47
H1467J104 CHUBB LTD CH CB 31.48 $5,082.34
H8817H100 TRANSOCEAN LTD US RIG 16,488.03 $73,701.48
N22717107 CORE LABORATORIES N.V. NL CLB 181.21 $8,448.15
N47279109 INTERXION HOLDING NV NL INXN 5,673.5 $462,163.40
N53745100 LYONDELLBASELL INDU-CL A US LYB 47.81 $4,277.17
N72482123 QIAGEN N.V. ADR NL QGEN 211.6 $6,976.53
USD US DOLLAR US 928,676.73 $928,676.73

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$16.00

Daily $ Change

-$0.05

Daily % Change

-0.31%

as of 10/22/2019

CUSIP

302027644

Inception Date

08/03/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 66%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Performance

As of 09/30/2019

YTD

13.39%

1 Year

6.88%

3 Year

6.32%

5 Year

4.33%

10 Year

7.28%

Inception
(01/01/2000)

6.67%

US Stock Market Cycle (04/01/2000 - 09/30/2019)

6.81%

Performance through the inception date of the Retirement Target CIT Class I Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.70%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 09/30/2019

GOVERNMENT AGENCY 11.16%
TREASURY BONDS 8.61%
TREASURY NOTES 6.09%
UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 2.36%
MEDTRONIC INC 1.55%
TSY INFL IX N/B 0.50000 04/15/2024 1.39%
NOVARTIS AG- REG 1.38%
MASTERCARD INC-CLASS A 1.37%
MICROSOFT CORP 1.34%
JOHNSON & JOHNSON 1.30%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 09/30/2019

Bonds
56.24%
Stocks
42.25%
Cash
1.51%

Detailed Asset Class Allocation

As of 09/30/2019

International Equities
17.22%
Small Capitalization
0.34%
Mid Capitalization
0.76%
Large Capitalization
23.93%
Long Term Fixed Income
20.87%
Intermediate Term Fixed Income
27.55%
Short Term Fixed Income
7.82%
Cash
1.51%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

September Fund Holdings

As of 09/30/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00101JAK2 ADT SEC CORP 6.25000 10/15/2021 US 5,837.08 $6,216.49
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 318,203.5 $346,209.86
00287Y109 ABBVIE INC US ABBV 122.14 $9,248.58
004239109 ACADIA REALTY TRUST US AKR 199.69 $5,707.19
00489LAA1 ACRISURE LLC / FIN INC 7.00000 11/15/2025 US 6,566.71 $6,122.15
00507V109 ACTIVISION INC US ATVI 8,665.91 $458,600.07
00774MAG0 AERCAP IRELAND CAP / GLOBA 4.45000 10/01/2025 IE 314,218.5 $334,953.59
00791GAA5 AG MERGER SUB II INC 10.75000 08/01/2027 US 6,566.71 $6,665.21
008492100 AGREE REALTY CORP US ADC 125.63 $9,189.70
00912XAV6 AIR LEASE CORP 3.62500 04/01/2027 US 323,213.6 $333,253.51
013093AD1 ALBERTSONS COS LLC/SAFEW 5.75000 03/15/2025 US 6,566.71 $6,752.88
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 45.3 $6,978.45
01609W102 ALIBABA GROUP - ADR CN BABA 138.25 $23,119.67
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 251,862.71 $262,140.46
020002101 ALLSTATE CORPORATION US ALL 29.69 $3,227.05
02079K107 ALPHABET INC-CL C US GOOG 331.82 $404,491.90
02079K305 ALPHABET INC-CL A US GOOGL 331.4 $404,683.40
023135106 AMAZON.COM INC US AMZN 297.92 $517,166.99
02319V103 AMBEV SA-ADR BR ABEV 31,182.38 $144,062.59
0237400 DIAGEO PLC GB DGE LN 7,158.65 $292,431.66
02376RAA0 AMERICAN AIRLINES GROUP 5.50000 10/01/2019 US 80,695.71 $80,695.71
02406PAR1 AMERICAN AXLE & MFG INC 6.25000 04/01/2025 US 2,918.54 $2,834.63
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 325.33 $15,641.91
0263494 BAE SYSTEMS PLC GB BA/ LN 2,977.95 $20,855.36
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,236.68 $32,017.65
0287580 BRITISH AMERICAN TOBACCO PLC GB BATS LN 560.41 $20,695.89
03019LAA4 AMERICAN TANKER INC 9.25000 02/22/2022 US 16,051.97 $16,252.71
03027X100 AMERICAN TOWER REIT INC US AMT 1,159.15 $256,322.68
03027XAW0 AMERICAN TOWER CORP 3.80000 08/15/2029 US 313,369.12 $334,460.57
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 7,360.54 $7,433.32
03064D108 AMERICOLD REALTY TRUST US COLD 605.17 $22,433.80
031162100 AMGEN INC US AMGN 55.31 $10,703.26
03690AAD8 ANTERO MIDSTREAM PART / FI 5.75000 03/01/2027 US 6,261.77 $5,220.75
03690AAF3 ANTERO MIDSTREAM PART/FI 5.75000 01/15/2028 US 6,566.71 $5,450.37
03748R754 APARTMENT INVT & MGMT CO -A US AIV 476.59 $24,849.30
038222105 APPLIED MATERIALS INC US AMAT 75.92 $3,788.28
039483102 ARCHER-DANIELS-MIDLAND CO US ADM 56.31 $2,312.60
03968AAA9 ARD SECURITIES FINANCE 8.75000 01/31/2023 LU 4,125.98 $4,270.39
0405207 HALMA PLC GB HLMA LN 415.48 $10,056.86
045086AF2 ASHTON WOODS USA/FINANCE 6.75000 08/01/2025 US 6,566.71 $6,550.30
0490656 KERRY GROUP PLC-A IE KYGA LN 168.71 $19,731.00
05278C107 AUTOHOME INC-ADR CN ATHM 181.74 $15,107.63
053484101 AVALONBAY COMMUNITIES INC US AVB 186.62 $40,185.68
054937107 BB&T CORP US BBT 62.55 $3,338.23
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 339,749.81 $349,482.01
05722G100 BAKER HUGHES A GE CO US BHGE 100.98 $2,342.64
060505104 BANK OF AMERICA CORP US BAC 410.59 $11,977.03
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 498,083.04 $528,881.90
084670702 BERKSHIRE HATHAWAY INC-CL B US BRK/B 3,310.34 $688,617.63
086516101 BEST BUY INC US BBY 40.65 $2,804.65
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 3,226.4 $217,459.12
0922320 SMITH & NEPHEW PLC GB SN/ LN 822.73 $19,812.81
09247X101 BLACKROCK INC US BLK 298.04 $132,819.63
0946580 WEIR GROUP PLC/THE GB WEIR LN 933.18 $16,347.08
097023105 BOEING CO US BA 36.85 $14,018.71
09857L108 BOOKING HOLDINGS INC US BKNG 139.82 $274,409.23
101121101 BOSTON PROPERTIES INC US BXP 209.43 $27,154.38
105368203 BRANDYWINE REALTY TRUST US BDN 1,581.59 $23,961.11
110122108 BRISTOL MYERS SQUIBB CO US BMY 140.75 $7,137.59
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 226.22 $8,347.59
11135F101 BROADCOM INC US AVGO 28.55 $7,881.70
11680JAA0 BRUIN E&P PARTNERS LLC 8.87500 08/01/2023 US 6,566.71 $4,908.62
12429TAE4 BWAY HOLDING CO 7.25000 04/15/2025 US 6,566.71 $6,207.51
124847AC8 ENTERCOM MEDIA CORP 7.25000 11/01/2024 US 2,918.54 $3,020.69
12503M108 CBOE GLOBAL MARKETS INC US CBOE 2,228.28 $256,051.70
12527GAB9 CF INDUSTRIES INC 7.12500 05/01/2020 US 5,837.08 $5,997.60
12541W209 C.H. ROBINSON WORLDWIDE INC US CHRW 26.12 $2,214.18
12555DAA3 CIM 2019-INV1 A1 4.00000 02/25/2049 US 67,644.77 $69,350.14
12572Q105 CME GROUP INC US CME 1,240.04 $262,070.34
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 305,774.83 $323,655.84
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 161,381.16 $174,314.13
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 169,874.91 $178,327.05
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 119,064.53 $117,702.66
126650100 CVS HEALTH CORP US CVS 117.22 $7,392.76
12686CBA6 CABLEVISION SYSTEMS CORP 8.00000 04/15/2020 US 5,837.08 $6,004.89
131477AT8 CALUMET SPECIALTY PROD 11.00000 04/15/2025 US 9,180.3 $9,180.30
133131102 CAMDEN PROPERTY TRUST US CPT 191 $21,203.08
13321L108 CAMECO CORP CA CCJ 1,341.84 $12,747.52
149123101 CATERPILLAR INC US CAT 47.81 $6,038.33
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 2,331.91 $2,329.97
14980AAA0 CAZENOVIA CREEK FUNDING LLC 3.56070 07/15/2030 US 108,431.81 $108,921.49
156700AW6 CENTURYLINK INC 5.62500 04/01/2020 US 5,837.08 $5,917.92
165183BB9 CFII 2017-4A A1 2.12000 11/15/2029 US 104,792.96 $104,760.80
166764100 CHEVRON CORP US CVX 98.31 $11,659.81
17275R102 CISCO SYSTEMS INC US CSCO 285.67 $14,114.78
172967424 CITIGROUP INC US C 117.57 $8,121.60
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 149,998.11 $245,920.82
191216100 COCA COLA CO/THE US KO 10,070.18 $548,220.85
192422103 COGNEX CORP US CGNX 2,780.26 $136,594.08
194162103 COLGATE-PALMOLIVE CO US CL 82.72 $6,080.55
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 657.46 $20,147.86
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 354.7 $15,801.95
205887102 CONAGRA BRAND INC. US CAG 60.87 $1,867.47
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62426EAA3 MOUNTAIN PROVINCE DIAMON 8.00000 12/15/2022 CA 13,133.43 $12,837.92
6250025 DAIFUKU CO LTD JP 6383 JP 208 $10,821.52
6284864 GLOBE TELECOM INC PH GLO PM 145.92 $5,152.02
62957HAC9 NABORS INDUSTRIES INC 5.50000 01/15/2023 US 6,566.71 $5,401.12
6356934 FANUC LTD JP 6954 JP 105.85 $20,008.70
637417106 NATIONAL RETAIL PROPERTIES US NNN 312.01 $17,597.50
637870106 NATIONAL STORAGE AFFILIATES US NSA 308.36 $10,290.11
64110D104 NETAPP INC US NTAP 27.84 $1,462.09
6441506 HOYA CORP JP 7741 JP 228.69 $18,730.67
6465874 GALAXY ENTERTAINMENT GROUP L HK 27 HK 2,225.95 $13,800.26
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 141.77 $15,702.22
64829DAG1 NRZT 2014-3A AFX3 3.75000 11/25/2054 US 74,063.26 $76,581.94
64829EAA2 NRZT 2015-2A A1 3.75000 08/25/2055 US 114,719.07 $118,807.38
64829LAA6 NRZT 2016-4A A1 3.75000 11/25/2056 US 208,043 $214,965.46
6490995 KEYENCE CORP JP 6861 JP 55.5 $34,544.46
6499550 KYOWA KIRIN CO LTD JP 4151 JP 442.79 $8,623.13
6514442 METROPOLITAN BANK & TRUST PH MBT PM 4,992.14 $6,593.31
66727WAA0 NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 13,133.43 $7,715.89
6687571 NABTESCO CORP JP 6268 JP 363.73 $11,385.92
66987V109 NOVARTIS AG- REG CH NVS 9,708.18 $843,641.02
670346105 NUCOR CORP US NUE 52.23 $2,659.21
67059TAD7 NUSTAR LOGISTICS LP 6.75000 02/01/2021 US 6,566.71 $6,843.17
67087MAA4 OBP DEPOSITOR LLC TRUST 4.64620 07/15/2045 US 17,642.17 $17,757.69
6742340 SHANDONG WEIGAO CN 1066 HK 8,903.78 $9,169.12
674599105 OCCIDENTAL PETROLEUM CORP US OXY 67.56 $3,004.41
680665AL0 OLIN CORP 5.62500 08/01/2029 US 6,566.71 $6,831.35
6818843 SM PRIME HOLDINGS INC PH SMPH PM 17,119.93 $12,289.42
681936100 OMEGA HEALTHCARE INVS INC US OHI 294.62 $12,312.20
6821120 SONIC HEALTHCARE LTD AU SHL AU 994.49 $18,856.57
6821506 SONY CORP FIRST SECTION JP 6758 JP 313.85 $18,551.39
6895200 TOHO CO LTD JP 9602 JP 468.28 $20,554.87
6919519 UNIVERSAL ROBINA CORP PH URC PM 2,162 $6,506.01
700517105 PARK HOTELS & RESORTS INC US PK 177.04 $4,420.71
7021963 DEUTSCHE BOERSE AG DE DB1 GR 128.09 $19,976.88
7088429 AXA SA FR CS FP 437.45 $11,169.73
7103065 NOVARTIS AG-REG CH NOVN SW 242.98 $21,087.62
7103526 PEUGEOT SA FR UG FP 120.25 $3,001.28
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 106.99 $31,150.24
7110902 TECAN GROUP AG-REG CH TECN SW 20.68 $4,943.08
7123870 NESTLE SA-REGISTERED CH NESN SW 5,374.46 $582,884.66
7133608 EQUINOR ASA NO EQNR NO 1,186.58 $22,476.44
713448108 PEPSICO INC US PEP 3,986.41 $546,536.90
7145056 ENI SPA IT ENI IM 1,355.04 $20,711.56
717081103 PFIZER INC US PFE 400.22 $14,379.83
718546104 PHILLIPS 66 US PSX 37.78 $3,868.91
71943U104 PHYSICIANS REALTY TRUST US DOC 1,074.13 $19,065.89
7212477 ESSILORLUXOTTICA FR EL FP 52.61 $7,585.35
7262610 CREDIT AGRICOLE SA FR ACA FP 254 $3,074.40
729640102 PLYMOUTH INDUSTRIAL REIT INC US 387.96 $7,107.51
7309681 BNP PARIBAS FR BNP FP 282.89 $13,753.48
7339451 ORPEA SA FR ORP FP 74.38 $9,084.31
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 107.05 $4,195.61
741503AZ9 BOOKING HOLDINGS INC 3.60000 06/01/2026 US 469,443.79 $501,930.62
74166MAC0 PRIME SECSRVC BRW/FINANC 5.75000 04/15/2026 US 5,837.08 $6,078.15
74340W103 PROLOGIS US PLD 700.77 $59,719.39
74460D109 PUBLIC STORAGE INC US PSA 117.36 $28,785.54
74834L100 QUEST DIAGNOSTICS INC US DGX 19.55 $2,092.20
750236AW1 RADIAN GROUP INC 4.87500 03/15/2027 US 13,133.43 $13,297.59
756109104 REALTY INCOME CORP US O 94.56 $7,250.77
7591EP100 REGIONS FINANCIAL CORP. US RF 115.72 $1,830.67
76131D103 RESTAURANT BRANDS INTERN CA QSR 165.78 $11,793.62
7698356 GETINGE AB-B SHS SE GETIB SS 743.29 $10,389.71
77340RAK3 ROCKIES EXPRESS PIPELINE 5.62500 04/15/2020 US 9,485.25 $9,615.67
773903109 ROCKWELL AUTOMATION INC US ROK 12.6 $2,076.82
7742468 GECINA SA FR GFC FP 56.56 $8,887.44
7792559 HEINEKEN NV NL HEIA NA 185.21 $20,004.92
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 526.71 $31,550.14
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 128.42 $8,524.33
78409V104 S&P GLOBAL INC US SPGI 1,040.05 $254,792.49
78410G104 SBA COMMUNICATIONS CORP US SBAC 1,009.04 $243,329.80
78442PGC4 SLM CORP 5.12500 04/05/2022 US 12,828.48 $13,149.19
78463V107 SPDR GOLD SHARES US 603.38 $83,792.03
78490DAA2 SOFI 2018-C A1FX 3.08000 01/25/2048 US 150,310.6 $151,410.02
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 407,566.97 $466,989.77
80282KAE6 SANTANDER HOLDINGS USA 4.50000 07/17/2025 US 311,909.85 $334,619.85
806857108 SCHLUMBERGER LTD NL SLB 6,331.07 $216,332.69
808513105 CHARLES SCHWAB CORP/THE US SCHW 6,479.71 $271,046.43
81141R100 SEA LTD - ADR SG SE 9,298.68 $287,794.11
812578102 SEATTLE GENETICS INC US SGEN 2,258.58 $192,882.48
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 71,308.38 $71,949.02
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 99,992.76 $100,891.09
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 78,293.62 $75,427.58
81762P102 SERVICENOW INC US NOW 1,947.86 $494,464.55
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 6,566.71 $5,581.71
828806109 SIMON PROPERTY GROUP INC US SPG 273.16 $42,516.81
832696405 JM SMUCKER CO/THE-NEW COM WI US SJM 18.38 $2,022.21
83401BAA4 SOFI 2017-F A1FX 2.05000 01/25/2041 US 16,549.56 $16,527.60
83401BAB2 SOFI 2017-F A2FX 2.84000 01/25/2041 US 32,833.57 $33,306.73
83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 13,109.68 $13,161.66
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 26,972.46 $27,015.32
835699307 SONY CORP SPONSORED ADR JP SNE 9,355.2 $553,173.09
84265VAD7 SOUTHERN COPPER CORP 5.37500 04/16/2020 US 360,653.25 $365,513.04
845467AL3 SOUTHWESTERN ENERGY CO 6.20000 01/23/2025 US 6,566.71 $5,778.58
852061AR1 SPRINT COMMUNICATIONS 7.00000 08/15/2020 US 14,287.75 $14,747.96
85207UAE5 SPRINT CORP 7.25000 09/15/2021 US 5,837.08 $6,228.75
85207UAH8 SPRINT CORP 7.12500 06/15/2024 US 5,837.08 $6,291.20
85254J102 STAG INDUSTRIAL INC US STAG 368.87 $10,874.28
855030AN2 STAPLES INC 7.50000 04/15/2026 US 10,214.89 $10,524.40
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.24750 11/15/2027 US 209,562.61 $209,287.89
858912AF5 STERICYCLE INC 5.37500 07/15/2024 US 12,403.79 $12,744.90
862121100 STORE CAPITAL CORP US STOR 192.04 $7,184.07
866674104 SUN COMMUNITIES US SUI 167.04 $24,797.58
86723CAF5 SUNCOKE ENRGY PART LP/FI 7.50000 06/15/2025 US 2,918.54 $2,597.50
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 514.14 $7,064.33
867914103 SUNTRUST BANKS INC US STI 48.45 $3,333.38
86935CAA0 SCML 2019-SBC8 2.86000 12/25/2035 US 176,241.35 $176,769.51
871829107 SYSCO CORP US SYY 60.32 $4,789.63
874080104 TAL EDUCATION GROUP - ADR CN TAL 461.62 $15,805.90
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 49,278.93 $49,210.46
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 8,025.98 $6,781.96
88032WAN6 TENCENT HOLDINGS 3.97500 04/11/2029 KY 234,721.9 $251,154.18
882508104 TEXAS INSTRUMENTS INC US TXN 77.21 $9,978.22
88579Y101 3M CO US MMM 53.96 $8,871.15
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 266,348.31 $266,075.49
89173FAA8 TPMT 2017-1 A1 2.75000 10/25/2056 US 154,293.71 $155,701.70
89177EAA7 TPMT 2019-HY1 A1 3.01838 10/25/2048 US 139,690.4 $140,248.55
892231AA9 TOWNSQUARE MEDIA INC 6.50000 04/01/2023 US 6,261.77 $6,246.11
89417E109 TRAVELLERS COS INC US TRV 22.04 $3,277.38
89613BAA5 TAH 2016-SFR1 A 2.58900 11/17/2033 US 298,734.94 $298,281.28
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 123,150.18 $124,882.86
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 13,133.43 $12,739.42
902494103 TYSON FOODS INC -CL A US TSN 34.56 $2,976.90
902653104 UDR INC US UDR 328.25 $15,913.54
902973304 U.S. BANCORP US USB 140.25 $7,761.68
903002103 UMH PROPERTIES INC US UMH 422.12 $5,943.47
904767704 UNILEVER PLC - ADR GB UL 8,170.56 $491,050.90
907818108 UNION PAC CORP US UNP 57.1 $9,248.95
911312106 UNITED PARCEL SERVICE US UPS 82.92 $9,935.98
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 772,551.37 $761,597.32
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 896,048.87 $1,292,515.50
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 928,237.74 $1,330,244.45
912810QV3 UNITED STATES TREAS INFL INDEX 0.75000 02/15/2042 US 331,003.05 $347,927.67
912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 1,250,976.63 $1,346,070.40
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 1,097,038 $1,299,947.18
9128286N5 TSY INFL IX N/B 0.50000 04/15/2024 US 841,974.2 $852,051.59
912828D56 US TREASURY N/B 2.37500 08/15/2024 US 360,559.49 $373,995.96
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 1,460,030.04 $1,447,482.91
912828K74 US TREASURY N/B 2.00000 08/15/2025 US 124,723.54 $127,490.84
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 1,236,920.5 $1,237,500.31
912828VB3 UNITED STATES TREAS NTS 1.75000 05/15/2023 US 755,093.96 $759,488.84
912828WJ5 US TREASURY N/B 2.50000 05/15/2024 US 479,987.4 $499,749.39
912828XB1 UNITED STATES TREAS NTS 2.12500 05/15/2025 US 710,671.67 $730,770.35
913017109 UNITED TECHNOLOGIES CORP US UTX 65.98 $9,007.47
91704F104 URBAN EDGE PROPERTIES US UE 770.33 $15,244.89
918204108 VF CORP US VFC 45.58 $4,056.14
91913Y100 VALERO ENERGY US VLO 48.51 $4,135.10
92189F106 MARKET VECTORS GOLD MINERS US 1,589.1 $42,444.95
92276F100 VENTAS INC US VTR 430.1 $31,410.54
92339V100 VEREIT INC US VER 2,072.2 $20,266.13
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 373,416.26 $492,841.68
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 951.87 $161,265.10
92553P201 VIACOM INC CL B US VIAB 65.63 $1,577.00
92826C839 VISA INC - CLASS A SHARES US V 4,513.35 $776,341.93
92840JAA7 VISTAJET MALTA/XO MGMT 10.50000 06/01/2024 MUL 10,214.89 $9,908.44
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 46,533.81 $46,936.08
929042109 VORNADO REALTY TRUST US VNO 112.68 $7,174.33
92922PAL0 W & T OFFSHORE INC 9.75000 11/01/2023 US 3,343.23 $3,191.51
93065PAA9 WBHT 2019-WBM A FLT 3.07750 12/15/2033 US 157,982.73 $157,987.04
931142103 WAL MART STORES US WMT 168.31 $19,974.47
931427108 WALGREENS BOOTS ALLIANCE INC US WBA 91.18 $5,043.35
94106L109 WASTE MANAGEMENT INC US WM 46.22 $5,315.80
94856UAA9 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 13,133.43 $13,166.26
948741103 WEINGARTEN REALTY INVESTORS US WRI 494.99 $14,419.00
949746101 WELLS FARGO COMPANY US WFC 302.7 $15,268.01
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 36,593.7 $37,085.31
95040Q104 WELLTOWER INC. US WELL 270.66 $24,535.57
958102105 WESTERN DIGITAL CORP US WDC 43.09 $2,569.64
96949LAD7 WILLIAMS PARTNERS LP 3.75000 06/15/2027 US 240,798.45 $248,717.61
97651JAE6 WINWATER MORTGAGE LOAN TRUST 3.50000 03/20/2045 US 75,160.86 $75,380.49
97652TAA1 WIN 2015-1 A1 3.50000 01/20/2045 US 97,091.58 $98,737.57
AP8694550 BOREALIS FINANCE LLC 7.50000 11/16/2022 MH 13,863.06 $13,031.28
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 2,547.21 $20,819.32
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 1,289.39 $14,819.94
B02J639 ADMIRAL GROUP PLC GB ADM LN 505.37 $13,141.78
B02L486 MOWI ASA NO MOWI NO 795.67 $18,377.71
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 2,840.37 $23,974.26
B037JC2 NEXITY FR NXI FP 63.62 $3,028.49
B058TZ6 SAFRAN SA FR SAF FP 68 $10,706.37
B068DB9 SM INVESTMENTS CORP PH SM PM 478.48 $8,966.38
B07DRZ5 RECORDATI SPA IT REC IM 441.38 $18,930.24
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 322.35 $3,526.87
B0C2CQ3 ENGIE FR ENGI FP 396.25 $6,467.67
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 457.39 $5,544.85
B0MP1B0 SHENZHOU INTERNATIONAL GROUP CN 2313 HK 1,099.69 $14,345.78
B11ZRK9 LEGRAND SA FR LR FP 56.87 $4,056.83
B13X013 EIFFAGE FR FGR FP 58.87 $6,103.00
B15C557 TOTAL SA FR FP FP 395.28 $20,581.03
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 1,327.73 $19,968.00
B1KFX13 GRUPO AEROPORTUARIO DEL CENT MX OMAB MM 1,453.62 $8,649.97
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 222.18 $10,702.48
B1XH026 VINCI SA FR DG FP 176.62 $19,025.03
B1Y47Y7 GERRESHEIMER AG DE GXI GR 107.97 $7,741.11
B1Y9TB3 DANONE FR BN FP 489.64 $43,128.52
B1YXBJ7 AIR LIQUIDE FR AI FP 85.15 $12,118.62
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 8,611.52 $6,367.60
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 844.84 $6,027.20
B3NB1P2 SUNCOR ENERGY INC CA SU CN 540.38 $17,045.32
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 343.04 $4,532.65
B3ZD2V9 MEX BONOS DESARR FIX RT 6.50000 06/10/2021 MX 318,308.62 $16,074.31
B4888C1 CANADIAN GOVERNMENT FLT 2.75000 06/01/2022 CA 62,901.92 $48,999.26
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 407.51 $3,623.01
B4JSTL6 WYNN MACAU LTD MO 1128 HK 6,452.21 $12,573.24
B4NDCC9 MEX BONOS DESARR FIX RT 6.50000 06/09/2022 MX 528,817.28 $26,655.51
B4P8HQ1 MGM CHINA HOLDINGS LTD MO 2282 HK 5,878.08 $9,152.25
B4R2R50 JULIUS BAER CH BAER SW 258.1 $11,431.38
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 357.63 $3,912.92
B5B23W2 SANDS CHINA LTD MO 1928 HK 3,026.6 $13,676.22
B5VJH76 BDO UNIBANK INC PH BDO PM 3,223.82 $8,894.26
B615Y14 MEX BONOS DESARR FIX RT 8.00000 06/11/2020 MX 742,918.12 $37,928.96
B63QM77 NEXON CO LTD JP 3659 JP 45,643.23 $554,573.24
B6TC406 MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 176,421.71 $9,472.10
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 3,513.17 $2,646.25
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 164.22 $3,788.85
B92RW83 LT GROUP INC PH LTG PM 10,487.69 $2,820.73
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 586.33 $4,964.43
BB22L96 KION GROUP AG DE KGX GR 199.31 $10,481.64
BBG00ND15VD4 SNE US 10/18/19 P55 JP -31.58 -$157.90
BBG00Q0BJS32 CME US 10/18/19 P190 US -9.06 -$317.20
BBG00Q4JGRN4 MU US 10/11/2019 P43.5 US -40 -$6,239.60
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 217.54 $3,063.81
BD0PJ08 INMOBILIARIA COLONIAL SOCIMI ES COL SM 802.58 $9,683.19
BD4TZK8 OCI NV NL OCI NA 164.54 $3,880.77
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 1,475.77 $16,404.53
BD9Y9B7 BASIC-FIT NV NL BFIT NA 471.94 $14,784.57
BF1K7P7 ESSITY AKTIEBOLAG-B SE ESSITYB SS 629.14 $18,357.18
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 1,996.52 $3,043.12
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 1,108.18 $11,687.41
BG7ZWY7 AMBEV SA BR ABEV3 BZ 2,884.15 $13,327.64
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,227.43 $9,977.80
BH3T8K8 ORBIA ADVANCE CORP SAB DE CV MX 5,568.6 $10,914.85
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 9,938.37 $8,781.76
BJ2KSG2 AKZO NOBEL NL AKZA NA 273.35 $24,356.31
BJT1GR5 ALCON INC CH ALC SW 170.92 $9,969.79
BMJ6DW5 INFORMA PLC GB INF LN 1,883.79 $19,728.71
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 13,965.48 $584,146.82
BMTRW10 B&M EUROPEAN VALUE RETAIL SA GB BME LN 1,871.25 $8,725.02
BNGN9Z1 FINECOBANK SPA IT FBK IM 1,561.71 $16,523.00
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 15,814.89 $489,434.24
BSQXJ01 THULE GROUP AB/THE SE THULE SS 995.22 $18,836.39
BVSS790 ELIS SA FR ELIS FP 333.62 $5,896.43
BYXS699 QIAGEN N.V. NL QIA GR 347.86 $11,392.02
BYXZ2W5 RUMO SA BR RAIL3 BZ 829.61 $4,903.86
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 5,990.95 $570,218.09
BYZFYS3 SPIE SA FR SPIE FP 168.23 $3,366.35
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 2,399.56 $11,818.31
BYZR014 AMUNDI SA FR AMUN FP 133.45 $9,295.77
G0772R208 BANK OF N.T. BUTTERFIELD&SON BM NTB 296.81 $8,797.54
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 359.82 $19,952.13
G29183103 EATON CORP PLC US ETN 52.53 $4,367.49
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 5,837.08 $6,041.38
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 663.44 $10,077.65
G51502105 JOHNSON CONTROLS INTERNATIONAL US JCI 98.4 $4,318.64
G5960L103 MEDTRONIC INC IE MDT 8,718.47 $947,000.36
G97822103 PERRIGO CO PLC IE PRGO 242.63 $13,560.77
H01301128 ALCON INC CH ALC 4,562.68 $265,958.47
H1467J104 CHUBB LTD CH CB 31.48 $5,082.34
H8817H100 TRANSOCEAN LTD US RIG 16,488.03 $73,701.48
N22717107 CORE LABORATORIES N.V. NL CLB 181.21 $8,448.15
N47279109 INTERXION HOLDING NV NL INXN 5,673.5 $462,163.40
N53745100 LYONDELLBASELL INDU-CL A US LYB 47.81 $4,277.17
N72482123 QIAGEN N.V. ADR NL QGEN 211.6 $6,976.53
USD US DOLLAR US 928,676.73 $928,676.73

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.